Finance

Cleantech Qotto raises US$8 mln to expand operations in East-West Africa

Cleantech Qotto raises US$8 mln to expand operations in East-West Africa
Saturday, 18 February 2023 07:10

The fund is raised about two years after a US$2.5 million financial support secured by the French startup. Thanks to the new financing, Qotto will pursue its expansion in West and East Africa.

French cleantech Qotto announced, Thursday (February 16), it has raised EUR8 million (US$8.5 million) in a Series A round led by Mauritian conglomerate IBL Group.

Several investors, both existing and new, also participated. The financial resource obtained will allow Qotto to enter the East African market and capture more markets in West Africa where it is already operating in Burkina Faso and Benin.  Qotto explains that the round (a mix of equity and debt financing) will also help grow its distribution network, improve its services and expand its geographical presence and reach 25,000 active customers by the end of 2023.

With the funding, Qotto, which provides access to electricity, internet, and financial services in rural and peri-urban areas, will launch operations in Côte d'Ivoire and East Africa. The company, founded in 2016, will also expand its presence in the off-grid solar energy space with new services.

The start-up, which claims more than 11,000 active customers by the end of 2022, will be able to rely on IBL Group's industrial and commercial experience in Africa. Indeed, apart from the capital investment, IBL Group also signed a partnership agreement with Qotto to deploy the cleantech startup's solar home systems in East African countries.

Chamberline Moko

On the same topic
Africa Re reports net profit of $199 million in 2025, up 50.62% year-on-year. Investment income reaches record $114 million while FX losses...
Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchise. Transaction may alter Servair Abidjan revenue...
Africa’s ultra-wealthy population expected to rise 15% by 2031 Continent’s share of global wealth declines amid faster growth...
Togo holds talks with IMF and World Bank during Washington meetings Focus on tools to manage crises and protect vulnerable...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Mobile phones have become essential tools for work, education, payments and staying connected across...

EU Mandates Removable Phone Batteries. What It Means for Africa’s Device Market 
03

Ecobank Transnational Incorporated asked shareholders to vote on a $500 million Tier 2 Eurobond...

Ecobank Calls Vote on a New $500 Million Bond, With Eyes on a June 2026 Capital Cliff
04

Africa produces what it doesn’t consume, and consumes what it doesn’t produce. That stark line captu...

“Private Investors Are Not Philanthropists: Risk Must Be Shared” — Tarek Toko Chabi, BOAD
05

Funding part of $250 million raise to boost investor confidence Fintech expands services, pr...

Nigeria Approves $75 Million Investment in Flutterwave Ahead of NGX Listing
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.